Latest HDFC Bank lending charges: What home loan, car loan, and personal loan borrowers need to know | India Business News

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Latest HDFC Bank lending charges: HDFC Bank’s Marginal Cost of Funds-Based Lending Rates (MCLR) decide the minimal rate of interest for loans. As of May 7, 2024, HDFC Bank’s MCLR ranges between 8.95% and 9.35%.
– Overnight MCLR: 8.95%
– One-Month MCLR: 9.00%
– Three-Month MCLR: 9.15%
– Six-Month MCLR: 9.30%
– One-Year MCLR: 9.30%
– Two-Year MCLR: 9.35%
– Three-Year MCLR: 9.35%

What is MCLR?

According to ET, the Marginal Cost of Funds-Based Lending Rate (MCLR) is the bottom rate of interest a financial institution can cost for a loan.It units the minimal restrict for loan rates of interest. This charge is mounted for borrowers until the Reserve Bank of India permits exceptions.

Comparison of 1-Y MCLR of prime banks

Bank
1-Y MCLR
HDFC Bank 9.30%
ICICI Bank 9.10%
Yes Bank 10.60%
Bank of India 8.85%
PNB 8.80%

Data from respective financial institution web sites as on May 7, 2024
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HDFC Bank’s prime lending charge and base charge

HDFC Bank’s Prime Lending Rate, which serves as a benchmark for setting rates of interest, is 17.95% per 12 months ranging from March 11, 2024. The up to date base charge, which is one other reference level for loan pricing, might be 9.45% from the identical date.

HDFC Bank home loan rates of interest

Housing Development Finance Corporation (HDFC) Ltd. and HDFC Bank merged into one entity on July 1, 2023. According to the FAQs launched, after the merger, home loan rates of interest might be linked to the External Benchmark Lending Rate (EBLR) as an alternative of the Retail Prime Lending Rate (RPLR). This complies with laws for floating rates of interest. On the day of the merger, the rate of interest will not change, however any future changes might be primarily based on the EBLR.
It is vital to observe that every one charges are tied to the repo charge, which is at the moment 6.50%. Special home loan charges for salaried and self-employed individuals are between 8.75% and 9.65%, whereas commonplace home loan charges for each teams vary from 9.40% to 9.95%.

Special home loan charges for salaried and self-employed people

For these loans, the relevant charge is calculated as follows:
– Repo charge + 2.25% to 3.15% = 8.75% to 9.65%.

Standard home loan charges for salaried and self-employed people

These charges are sometimes barely larger:
– Repo charge + 2.90% to 3.45% = 9.40% to 9.95%.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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